1. The requirements for a U.S. stock IPO are very high. It requires a net worth of at least one million U.S. dollars that can be used at any time, and it requires opening accounts at several designated institutions to be valid.

Generally, those participating in U.S. stock IPOs are institutions, such as fund companies.

2. The U.S. stock IPO system is very complete. New stock listings may make big profits or big losses, so the participants are mostly mature and stable.

Unlike A-shares, buying new shares is almost guaranteed to make money.

3. Based on the fact that new A-share stocks are almost guaranteed to make money, Chinese people are particularly keen on buying new stocks.

But new stocks are not something you can just buy if you want. They need to be allocated numbers. The more money you have, the greater the probability of winning.

Therefore, ordinary retail investors basically have to subscribe with a full position to have a chance of being allocated a number. Therefore, investors have to sell their stocks in exchange for liquidity in order to maximize the possibility of subscribing for new shares, resulting in negative consequences.

4. The shareholders of foreign companies listed in the United States must be mainly Americans. Therefore, some major American shareholders can take this opportunity to directly participate in the business strategy deployment of foreign companies and get a share of the company's profits.